It’s hard to imagine anyone wishing to live in the cheapest place in the country, but with record inflation, families are facing tough choices and are changing their shopping habits. The latest report from the government showed that consumer prices in the U.S. rose 9.1% year-over-year. Some are delaying big purchases, while others are simply adjusting their spending habits. The United States is divided into several states, each with its own economic issues, educational levels, professional options, and living costs.
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When looking for a new home, you may have been wondering where the most expensive states to live in are. This article takes a look at Hawaii, New York, California and plenty more to get you started. After reading through this list, you may be ready to buy a house in your favourite state.
When it comes to the cost of living in the U.S., Hawaii is at the top of the list. For starters, bananas in Hawaii are almost double the price they are on the mainland. Even doctor’s appointments in Hawaii are more expensive than in Orlando, Florida. The CNBC study based the cost of living index on prices for a wide range of goods and services. The study also included regional inflation rates, which are often higher in Hawaii than on the mainland.
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The cost of living index is based on official survey data that measures relative pricing levels for consumer goods and services. It also takes into account the three preceding periods in a state’s history to give some context on how costs have increased or decreased. While Hawaii is one of America’s 5 most expensive states to live in, the price of living index is still below the national average. Despite the high cost of living, Hawaii is a great place to live if you can afford it.
New York is the most expensive city in the US and is also one of the most expensive cities in the world. Rent in New York City is 150 per cent higher than the national average. And homes in New York are priced in the millions.
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Rent is extremely expensive in New York state, which has had rapid economic growth over the last two decades. Renting a studio apartment in New York costs an average of $1200, and homeowners in this state pay an effective property tax rate of 2.16%. Gas prices are also higher in New York than the national average, so you should plan on spending a lot of money in order to get around town.
As inflation continues to drive up prices worldwide, California is proving to be one of the most expensive states to live in. Housing costs in California are a major concern. The average home in the San Francisco metro area costs more than $1 million, making it one of the most expensive states in the nation. Another problem is population growth, with more people moving to the state every year.
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In addition, California has the highest rate of poverty in the country. It is estimated that the state has $1.6 billion in debt, and nearly 33% of the nation’s welfare recipients are from California.
Living in one of the most expensive states in America is no small feat. Boston is one of the most expensive cities in the country, but the surrounding suburbs aren’t much cheaper either. The cost of living in Massachusetts is 9.7% higher than the national average for goods and services. In fact, it’s 14.2% more expensive in the Boston-Cambridge-Newton metro area. However, the overall cost of living in Massachusetts is far from unaffordable.
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Vermont is also the most expensive state. Rental prices in Vermont are also more affordable than the national average, although rent payments are higher than the national average. The state’s per capita income is $50,084, and the purchasing power of a household of a Vermont resident is $49,295 annually. Read More